PROCEDURES

1. Buyer sends to Seller

a. (LOI) Letter of Intent on buyer’s letterhead.
b. (BCL) Bank Capability Letter signed by bank officer on bank letterhead, with soft probe authorization.

2. Prior to sending a Draft Contract seller will send buyer a (FCO) Full Corporate Offer. Upon approval of (FCO), seller sends Buyer a Draft Contract and Proforma Invoice.

3. When Buyer and Seller agree on terms, both parties sign and stamp the Formal Contract.
 
4. Within a specified time as stated in contract, buyer
opens a non-operative financial instrument.
(DLC) Documentary letter of credit
(SBLC) Standby Letter of Credit
(BG) Bank Guarantee

5. Sellers bank provides buyers bank with a 2% operative (PB) Performance Bond along with (POP) Proof of Product.  This automatically activates the financial Instrument.

6.Seller sends all original sets of documentation to the buyer, including vessels and quality certificates.

7. Shipment commences as per contract 30-45 days after DLC is activated.

   SGS inspection - done by exporter (seller) at loading port.                        
   (Paid By Seller)

Important Notes:
We never provide our past documents to prove our reliability. No past Bill of Ladings or SGS Reports.  No Factory Visits.

Method of Payment - A

The letter of credit (DLC) must be an automatic revolving one, unless it is a one-time order. The Letter of Credit (DLC) must be Irrevocable, transferable, and divisible.  Payment instrument must be issued by/or confirmed by a prime American or Western European bank.

Method of Payment - B

Buyer can open two automatic Revolving Transferable Letters of Credit.
As soon as the last boat for the month leaves port, another Letter of credit must be opened. Must always be a LC opened at all times – not including the (BG) Bank Guarantee.
Buyer must also open A (BG) Bank Guarantee for the 12th and final payment. This will lock in the price for the year.

* Standby Letter of Credit must be Irrevocable, transferable and unconditional.